Austin Reed To Sell Country Casuals Brand

Austin Reed is reportedly considering selling its Country Casuals womenswear brand. The range, which is underperforming, has been under review by Group Chairman John Robins as he told shareholders of the possibility of selling the business.

Menswear, which makes up about 80 per cent of Austin Reed brand sales, has performed encouragingly since the start of the new financial year. Austin Reed womenswear has underpefomed while "Country Casuals' main range remained under pressure as market conditions in the quality classics sector continue to be challenging". The Country Casuals Petites sub-brand saw stronger sales.

Total retail sales in the 16 weeks to May 22 were up 2 per cent, while like-for-likes, excluding the Regent Street flagship store which was undergoing a revamp last year, fell by 4 per cent. Overall sales at the Regent Street store were up 28 per cent year-on-year.

There has been speculation that a possible buyer for Country Casuals could be a consortium of brothers Maurice and Michael Bennett, who sold the Oasis fashion chain to an MBO three years ago, in partnership with fellow retailer Mark Bunce, a former chairman of Country Casuals.